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Unit 3 & 4 Business management > Unit 3 AOS 2 BM > Flashcards

Unit 3 AOS 2 BM Flashcards

1
Q

What are business objectives

A

The measurable targets of how to achieve business goals within a specific period of time

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2
Q

3 stages of the employment cycle

A
  1. Establishment phase
  2. Maintenace Phanse
  3. Termination phase
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3
Q

All parts of the establishment phase

A
  • Staff planning in line with business strategy
  • Job analysis and design
  • Recruitment
  • Selection
  • Employee arrangement and renumeration
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4
Q

All parts of the Maintenace phase

A
  • Induction
  • Training options
  • Performance management strategy’s
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5
Q

All parts of the termination phase

A
  • Termination management
  • Entitlement and transition issues
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6
Q

What is human resource management

A

the effective management of the formal relationship between the employer
and employees

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7
Q

What is a human resource manager

A

coordinates all the activities involved in acquiring, developing, maintaining
and terminating employees from a business’s human resources

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8
Q

What is Abraham Maslow’s hierarchy of needs

A

A theory that people need ot be satisfied on 5 levels depending on personal requirements
(Maslow’s sequence of human needs in the order of their importance)

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9
Q

What are the 5 levels of Maslows theory and expalin why the hierarchy is important

A
  1. Physiological
  2. Safety
  3. Social
  4. Esteem
  5. Self actualization

Maslow’s theory assumes that each need will act as a
source of motivation while it remains unsatisfied. An employee’s needs at a specific stage must be fulfilled before they can move up to the next
level. Once a particular need is satisfied it is no longer a motivator.

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10
Q

What are some workplaces that satisfy the needs of physiological and safety needs according to Maslows theory of hierarchy

A

Workplaces that satisfy the needs of
1. physiological
- Any job that pays, for the survival

  1. Safety
    - Safe working conditions
    - Job security is high
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11
Q

What are some workplaces that satisfy the need of social according to Maslows hierarchy of needs

A
  • Contains teamwork
  • Involvement in decision making
  • Supportive management
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12
Q

What are some workplaces that satisfy the need of esteem according to Maslows hierarchy of needs

A
  • Responsibility
  • Promotion
  • recognition
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13
Q

What are some workplaces that satisfy the need of self- actualism according to Maslows hierarchy of needs

A
  • creative interesting jobs
  • Opportunity’s for advancements
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14
Q

Strengths and weaknesses of Maslows hierarchy of needs

A

Strengths
- The theory is fairly easy to understand — most managers should be able to make use of the Hierarchy of Needs and employees should be able to relate to it.
- Allows management to develop an understanding
of individual needs — all individual employees are
different and they all have specific needs.

Weaknesses
- The Hierarchy of Needs is very simplistic and one motivation strategy should be able to satisfy several needs at the same time
- Maslow’s Hierarchy of Needs is only a theory it is not supported by empirical evidence and the stages in the hierarchy do not apply to all individuals.

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15
Q

What is the Locke and Lathem psychological theory for motivation

A

A psychological theory which is based on how goals are set and be motivated by clear goals and appropriate feedback

Specific goals lead to higher motivation and performance while vague goals lead to a lower motivation and performance

Another part of Lockes theory is that when employees are involved in goal setting they are at a higher chance to be motivated

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16
Q

Locke and Lathem identified 5 principles on goal setting what are those 5

A
  • Clarity
  • Task complexity
  • Challenge
  • Commitment
  • Feedback
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17
Q

What is clarity in relation to Locke and Lathems theory of the 5 principles of motivation

A

means making them unambiguous and measurable. Goals should be simple, clear and as specific as possible.

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18
Q

Strengths and weaknesses of Locke and lathems theory

A

Strengths
- Staff will perform at a higher standard due to their
clear and specific goals, leading to a higher rate of
productivity
- Many studies support the theory — that challenging and specific goals, together with commitment and feedback will motivate
employees

Weaknesses
- Failing to meet a goal could be detrimental to an
employee’s confidence.
- individual employee goals may clash with each other or with business objectives, or may not support the attainment of business objectives

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19
Q

Who created the four drive theory

A

Lawrence and Nohria.

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20
Q

Outline the 4-drive business objective.

A

Lawerence and Nohria outlined 4 main objectives that help motivate employees which include

  • Drive to acquire
  • Drive to bond
  • Drive to learn
  • Drive to defend.
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21
Q

Strengths and weaknesses of the 4 drive theory.

A

Strengths
- Four Drive Theory is very adaptable to complicated or intricate environments or
situations.
- The four drives will convert into effort that is
directed at improving behaviour, thereby improving business performance and achieving objectives.

Weaknesses
- Other drives besides the four outlined by
Lawrence and Nohria may exist — these don’t necessarily explain all the individual characteristics that may motive a person.
- Some of the workplace applications involve
competition between employees, which can have
detrimental effects; for example, a workplace
may suffer from a lack of cooperation or a lack
of information sharing.

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22
Q

Similarities and differences between Maslows and Locke and lathem goal setting theory

A

Similarities

  • Both theory’s highlights the importance of achieving job satisfaction as a key motivator
  • The successful achievement of a goal in Locke and Lathem goal setting theory is similar to meeting esteem and self- actualization needs in Maslow’s theory

Differences
- Maslow’s theory is an ongoing, long term process though a series of steps, whereas Locke and Lathem theory is more short term, in that the achievement of a goal ends the process and a new process with new goals may be implemented
- Maslow concentrates on internal needs of employees while Locke and Lathem concentrates on the setting of goals that are external to the employee and designed to contribute to the goal of the business

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23
Q

Similarities and differences between Locke and lathem and the 4 drive theorey Lawrence and nohria

A

Similarities
- The reward that comes from the acheivements of a
goal in Locke and Latham’s theory can be linked to Lawrence and Nohria’s drive to acquire.
- In both theories it is important that the manager
understands the needs of their employees. In one
case this understanding will assist in the setting of goals. In the other, it can enable the manager to implement appropriate strategies that will satisfy
the four drives in each employee

Differences
- In Locke and Latham’s theory, a person is usually
pursuing one specific goal at any given time, while Lawrence and Nohria’s theory assumes that a person needs to satisfy all four drives simultaneously
- Goal Setting Theory can be closely aligned to the objectives of the business while the Four Drive Theory concentrates more on the internal motivating forces within each employee.

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24
Q

Similarities and Differences between the 4 drive theory (Lawrence and nohria) and the maslow theory

A

Similarities
- Many of the drives like the drive to acquire and bond aligns with Maslows physiological and social needs
- Both theories place a great deal of importance on
the achievement of employee satisfaction. With
Maslow’s theory it is satisfying the higher order
esteem and self-actualization needs, while with Lawrence and Nohria’s theory it is satisfying the
four human drives.

Differences
- Maslow’s theory has five different levels of needs in a hierarchical structure, while Lawrence and Nohria’s four drives are all considered to be of equal significance.
- Maslow’s theory assumes a sequential set of steps. A person will satisfy one level in the hierarchy before moving to the next one. In
contrast, satisfying the four drives can occur simultaneously

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25
Q

What are all of the motivational strategies

A
  1. Performance related pay
  2. Career advancements
  3. Investments in training
  4. Support strategies
  5. Sanction strategy’s
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26
Q

Definition of performance related pay. And how preformance related pay can be provided

A

The monetary compensation provided to employees relative to how their performance is assessed according to set standards.

Performance related pay is provided thought many ways to the employee which includes

  1. Pay increase
  2. Bonus
  3. Commision
  4. Share plan
  5. Profit sharing
  6. Gainsharing
27
Q

Advantages and disadvantages of performance related pay

A

Advantages
- Will only apply when there is actual performance
improvement
- Provides a financial reward to employees directly related to improved performance

Disadvantages
- Other employees doing similar work may expect similar rewards, even if their
performance is not as good, leading to jealousies, conflict and lower morale
- Not all employees will be
motivated by pay

28
Q

Define career advancements

A

The assignment of more responsibilities/authority to employees or the promotion of employees to positions that bring rewards, such as increased salary, fringe benefits and increased responsibilities

29
Q

Effects of performance related pay on short and long term goals

A

PRP has short term employee motivation with financial benefits such as bonus and pay increase are short term financial incentives, but when these are used for many years they can turn into long term motivations

Other goals such as profit sharing, share plans and gainsharing tends to provide longer term motivations, reward can take years to show e.g shares fall but in the long term tend to trend upwards

30
Q

Advantages and disadvantages of career advancements

A

Advantages
- Can provide a means of
retaining valuable employees
- Will satisfy employees
who desire a sense of
achievement or extra
responsibility

Disadvantages
- Promotion positions cannot just be created they have to have some purpose
- Employees may be
promoted beyond their
capacity

31
Q

Definition of Investment in training

A

The direction of finances or resources such as time, into the teaching of new skills into employees

32
Q

Advantages and disadvantages of Investment in training

A

Advantages
- Benefits the business by
improving the skills of
employees so that they
feel more confident and
perform more productively
- Improving skills can satisfy higher level needs in Maslow’s hierarchy, as well as providing goals for goal-setting theory, and satisfying some of the four drives

Disadvantages
- Unless there are sufficient jobs within the business requiring higher level skills, training may be wasted
- A business may be unable to afford the costs of training

33
Q

Define support strategies

A

Advantages
- Many forms of support,
such as encouragement,
can be provided with little
to no cost
- Services such as counselling and mentoring should help employees to develop meaningful professional relationships

Disadvantage
- It may be difficult to find reasons to support and encourage some employees
- Requires a business to have a positive corporate culture

34
Q

Define sanction strategies

A

A form penalty or discipline imposed on an employee for poor performance

35
Q

Advantages and disadvantages of sanction strategies

A

Advantages
- Sanctions for poor behaviour in the workplace can motivate some workers to improve their work performance
- May quickly stop inappropriate behaviour of some employees

Disadvantages
- May cause resentment in
employees, which may result in conflict between management and staff
- Excessive emphasis on sanctions can reduce employee sense of belonging, and therefore have a negative impact on motivation

36
Q

Benefits of training for employees and businesses

A

Employees
- Opportunity’s for promotion and self improvement
- A challenge and time to learn new things

Businesses
- Higher productivity through better job
performance and more efficient use of human
resources
- Reduced costs due to less labor turnover and
absenteeism, and fewer errors and accidents

37
Q

What are the 2 types of job training. + definition of each

A
  1. On the job training
    - Occurs when employees learn a specific set of skills to preform particular tasks within the workplace. This training usually occurs in the working environment, and uses the equipment, machinery and documents that are presented in the workplace
  2. Off the job training
    - Occurs when employees learn skills in a location from the workplace. It usually involves sending individuals or group of employees to a particular specialized training institution 9such as uni, TAFE, or college)
38
Q

4 Types of performance management strategies +definition of all

A
  1. Management by objectives
  2. Appraisal
  3. Employee self- evaluation
  4. Employee observation
39
Q

Advantages and disadvantages of management by objectives

A

Advantages
- Employees who are involved in setting goals
and choosing a course of action to be followed
to achieve those goals, are more likely to work
productively and fulfil their responsibilities.
- Can improve communication and result in
employees being more aware of a business’s
objectives

Disadvantages
- A failure to meet objectives could become demoralizing for some employees, resulting in a lack of motivation
- Staff who meet objectives may expect a pay rise or promotion — this can be expensive for a business.

40
Q

Define management by objectives

A

A process by which management and employees agree on a set of goals for each employee, with these goals all contributing to the objectives of the business as a whole.

41
Q

Define the performance management strategy of Appraisal as well as the advantages and disadvantages of appraisals

A

A formal assessment of how efficiently and effective an employee is preforming their role in the business over a set period of time

Advantages
- Feedback can help employees improve their performance. Employees can be provided with clear areas for improvement.
- Information from an appraisal can assist managers when making decisions about pay increases, promotions and/or dismissals.

Disadvantages
- Can be stressful for both managers and employees
- Staff who meet performance standards may expect a pay rise or promotion — this can be expensive for a business.

42
Q

Define employee self evaluation as well as the advantages and disadvantages of it

A

A process whereby employees carry out self- assessment, based on a set of agreed criteria

Advantages
-Allows employees to be actively involved in the process of performance management and assists them in understanding their role in the business.
- Provides an opportunity for the business to gain an insight into how employees perceive their
performance, as well as understand their strengths and weaknesses.

Disadvantages
- Employees can often overstate their own performance when completing a self evaluation, or may complete parts of the process dishonestly
- Some employees may feel ill-equipped to undertake a self assessment.

43
Q

Define employee observation with the advantages and disadvantages

A

A strategy where a variety of opinions on the performance of employees is sought with the aim of arriving at a more comprehensive picture of past and current performance. (Multiple employees in the workplace dictate the performance of individuals)

Advantages
- Very useful in identifying strengths and weaknesses, and evaluating skills such as leadership, teamwork and interpersonal abilities
- Employees observing strengths of colleagues may imitate their behavior which can lead to bad habits

Disadvantages
- Staff may feel stressed when they know that they are being observed
- Staff who receive positive feedback may expect a pay rise or promotion this can be expensive for a business.

44
Q

2 types of termination with all subdivisions

A
  1. Voluntary termination
    - Retirement
    - Resignation
    - Redundancy
  2. Involuntary termination
    - Dismissal
    - Redundancy
45
Q

Name the 2 types of voluntary terminations with definitions

A
  1. Retirement, Occurs when an employee decides to give up full-time or part time work and no longer be apart of the labor force
  2. Resignation, The voluntary ending of employment by the employee ‘quitting’ their job

(redundancy can also be voluntary but will be addressed in another cue card)

46
Q

Name 2 types of involuntary types of terminations with definitions

A
  1. Dismissal. Occurs when the behavior of an employee is unacceptable and a business terminates their employee
  2. Redundancy. Occurs when a persons job no longer exists or necessary due to technological changes, a business restructuring a merger or an acquisition (redundancy can also be voluntary but will be addressed in another cue card)
47
Q

What are the 3 types of dismissal

A

Dismissal
1. Summary dismissal when an employee commits a serious breach of employee contract and therefore is fired

  1. Dismissal on notice, When an employee is not preforming job satisfactory due to poor performance which can be identified in a appraisal
  • .Unfair dismissal, Occurs when an employee id dismissed for discriminatory reasons.
48
Q

What is workplace relations

A

The interaction between employers and employees or their representatives to achieve a set of working conditions that will meet the needs of employees as well as allowing the business to achieve its objectives.

49
Q

All of the factions in workplace relations

A
  1. Employees
  2. Employers
  3. Human resource management
  4. Trade union
  5. employer association
  6. Peak employer body
    7.Peak union body
  7. Government and government organizations
50
Q

What is human resource development and in relation with workplace

A

A HRM coordinates all the activities involved in acquiring developing, meaning and terminating employees from a business human resource

And the role of the HRM workplace relations

  • Negotiations of employment agreement with employees and their representatives
  • Training of staff and other managers
  • Implementation of agreements
  • Dealing with disputes

-

51
Q

Explain the 4 roles of a human resource manager
(Negotiating employment agreements, Training other managers and supervisors)

A
  • Negotiating employment agreement
    Have the job of negotiating workplace agreements of employees and representatives they must also understand the possible legal issues that will be sanctioned if agreement is not followed.
  • Training other managers and supervisors
    Other managers and supervisors must be informed by HRM on agreements that have been settled with employees, they must also make sure supervisors uphold agreements
52
Q

Explain the 4 roles of a human resource manager
(Implementing agreement, Dealing with disputes and conflict)

A
  • Implementing agreements

HRM have the job of sorting all possible flexible arrangements from employee

  • Dealing with disputes and conflict
    HRM have to settle disputes that may arise under a enterprise agreement
53
Q

What are trade unions

A
  • Organizations formed by employees in an industry, trade our occupation to representant them in efforts to improve wage and the working conditions of their members

Unions make sure to investigate legal breaks to employees according to ABS 14% of Aus employment are apart of a union, groups with highest percent are education and training (31%)

54
Q

What are the employers associations

A

Organizations that represent and assist employer groups (opposite of the union)

Made in response to unions to represent employers in courts

55
Q

What are the 5 key roles the government and government organizations have in employee relation process and explain what they these roles are

A
  1. Legislation- State and federal parliament pass law that provides the legal framework for employee relations including the commonwealth fair work act 2009
  2. Employer- Fed and state gov employee a third of AUS as teachers, nurses transport workers ect
  3. Economic management- Government are concerned to ensure that wage cast do not lead to inflammatory pressure to the economy
  4. Administrator of government polices on employee relations- Government implement legislation by publishing information and guidelines and providing advice to employers, employees are representation
  5. Representative of Australia in international arena- Australia is a foundation member of the international labor organization and has been represented on its governing board

and FWC but on another card

56
Q

What is the fair work commission (FWC) and what jobs does it have

A

The FWC is Australia’s national workplace tribunal that has a number of responsibilities under the fair work act 2009

FWC are able to a range of functions under fair work act also provides awards to company’s who treat employees well they can also
- Help resolve workplace disputes with mediation
- Deal with applications of unfair dismissal
- Administer the regulations of industrial action
- Review and set min wage

57
Q

Advantages and disadvantages of awards

A

Advantages
- Less costly for the business
- Less time consumed in determining appropriate terms and conditions

Disadvantages
- A business may need to implement numerous different Awards in the same workplace
- Modern Awards can be complex

58
Q

What are the 5 skills required for effective negotiations

A
  1. Communication- Listening and asking Q’s providing information and demonstrate empathy
  2. Preparation- Knowing that negotiation is a process and preparing and anticipating how a meeting may put the negotiator in a strong place
  3. Problem solving- Looking for the most effective way to solve problems
  4. Trustworthiness- negotiator must build trust and maintain goodwill towards who they are negotiating with
  5. Adaptability and flexibility- Willingness to listen to options and ideas of other party’s and change/ respond to the other party’s ideas
59
Q

What are the main types of workplace disputes

A
  • Strike Occurs when employees withdraw their labor for a period of time in pursuit of improvements in their employee conditions
  • Lockdown Occurs when employers close the workplace for a period of time as a means of applying pressure to employees during a period of industrial conflict
60
Q

What are some causes of disputes

A
  1. Disputes relating to negotiation of awards and collective/ enterprise agreement
    - Remuneration, which includes matters such as wages, allowance, entitlement and superannuation
    - Other agreement related manners such as job security
  2. Disputes relating to outside awards and collective/enterprise agreement
    - Health and safety that relates to physically working conditions
    - Other non- agreement related manners including political or social protest
61
Q

What is mediation

A

The confidential discussion of issues in a non- threatening environment in the presence of a natural, objective third party who helps the parties in dispute to work towards an agreement but does not offer suggestions or solutions

62
Q

What is arbitration

A

A means of dispute resolution involving an independent 3rd party (A commissioner or the FWC) hearing both arguments in a dispute and determining the outcome

63
Q
A

Unit 3 & 4 Business management (5 decks)

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